Professional Documents
Culture Documents
Contents
Status of this guide .................................................................................................. 2 Insurers by firm size
Sole practitioners ............................................................................................................... 4 2-3 partners ....................................................................................................................... 5 4-10 partners ..................................................................................................................... 6 11+ partners ...................................................................................................................... 8
Appendix A: List of main solicitors PII brokers in 2012 ....................................... 9 Appendix B: Insurers unconfirmed entries .......................................................... 10 Appendix C: Main rating companies .................................................................... 11
Version 9
Version 9
Please note: Balva Insurance Company AAS has had its licence to write business in the UK suspended by the Latvian regulator, the Financial and Capital Market Commission as at 16 April 2013. While this does not affect its current policies, it may impact on its ability to write solicitors PII in the future. The Law Society will keep the profession updated on developments see: http://www.fktk.lv/en/publications/press_releases/2013-0416_activities_of_ijsc_balva_suspended_temporarily_operating_licence_retained/
Version 9
Yes
None
Brokers via Indemnity Risk Solutions (Ink Underwriting Agencies Ltd) JLT
AmTrust Limited
Europe
Yes
Via broker
Yes
Via broker
Prime Professions*
Insurance
Unrated
Yes
None
Via broker
Various brokers
Risk Company
Unrated
Yes
None
Via broker
Bar Professions
A A.M Best AAS&P A A.M Best AS&P AA S&P A A.M Best A+ S&P
Yes
Via broker
Lockton
Mutual Europe
Yes
Via broker (unless already a direct client) Direct and via broker Via broker
Prime Professions
Yes
None
with
Travelers
Yes
W R Insurance Limited
Berkley (Europe)
Yes
Personal injury work only. No past conveyancing. Reviewed on a case by case basis
Via broker
Various*
Yes
Via broker
Yes
2-3 partners
Insurer Financial security rating provider Insurance Unrated FSCS / Yes Restrictions on type of firm / work None Approach Which brokers have direct access?
Alpha A/S
Via broker
Brokers via Indemnity Risk Solutions (Ink Underwriting Agencies Ltd) Prime Professions*
Yes
Unknown
Via broker
Yes
Via broker
Unrated
Yes
None
Via broker
Various brokers
Unrated
Yes
None
Via broker
Bar Professions
International Insurance Company of Hannover Limited Liberty Insurance Limited Mutual Europe
Yes
Via broker
Lockton
Yes
Via broker (unless already a direct client) Direct and via broker
Marsh
Travelers Insurance Company Limited W R Berkley Insurance (Europe) Limited XL Insurance Company Limited
Yes
None
with
Travelers
Yes
Personal injury work only. No past conveyancing. Reviewed on a case by case basis
Via broker
Various*
Yes
Via broker
Zurich plc
Insurance
Yes
4-10 partners
Insurer Financial security rating / provider A+ A.M Best FSCS Restrictions on type of firm / work Approach Which brokers have direct access?
Yes
None
Via broker
Declined to comment
Yes
Unknown
Via broker
Balva Insurance Company AAS Chartis Insurance UK Limited Elite Insurance Company Limited
Yes
None
Via broker
Bar Professions
A S&P Unrated
Yes
None
Unknown
Unknown*
Yes
Via broker
Enterprise Insurance Company European Risk Insurance Company h/f First Title Insurance plc
Unrated
Yes
None
Via broker
Various brokers
Unrated
Yes
None
Via broker
Bar Professions
AAM Best
Yes
None
Via broker
Brokers via Indemnity Risk Solutions (Ink Underwriting Agencies Ltd) Lockton
International Insurance Company of Hannover Limited Liberty Mutual Insurance Europe Limited
Yes
Via broker
Yes
Via broker (unless already a direct client) Direct and via broker
Lockton
Yes
None
Yes
Unknown
Via broker
Insurer
Financial security rating / provider A A.M Best A A.M Best A S&P AAS&P
FSCS
Approach
Yes
Personal injury work only. No past conveyancing. Reviewed on a case by case basis
Via broker
Various*
Yes
Via broker
Yes
new
Version 9
11+ partners
Insurer Financial security rating / provider A+ A.M Best FSCS Restrictions on type of firm / work None Approach Which brokers have direct access?
Yes
Via broker
Declined to comment
Yes
Unknown
Via broker
Various brokers*
Unrated
Yes
None
Via broker
Bar Professions
A S&P Unrated
Yes
None
Unknown
Unknown*
Enterprise Company
Insurance
Yes
None
Via broker
Various brokers
Unrated
Yes
None
Via broker
Bar Professions
AAM Best
Yes
None
Via broker
Brokers via Indemnity Risk Solutions (Ink Underwriting Agencies Ltd) Lockton
Yes
Via broker
Yes
None
Yes
Unknown
A A.M Best
Yes
Personal injury work only. No past conveyancing. Strictly 11-25 partner practices Reviewed on a case by case basis
Via broker
Various*
Yes
Via broker
Yes
None
Reference:
IFF report, Professional Indemnity Insurance Survey 2012, p. 18. The full survey is available at: http://www.lawsociety.org.uk/advice/regulation/pii/surveys/
For more information about choosing the right broker for your firm, see the PII Buyers Guide www.lawsociety.org.uk/pii
Chubb Insurance Company of Europe SE Lemma Europe Insurance Company Limited Pembroke Syndicate 4000 QBE Insurance (Europe) Limited
Based on the SRAs list of insurers as at 27 June 2012. A complete list and contact details of all insurers is available from the SRA website.
Version 9
10
AM Best
Secure
A++, A+ (Superior) A, A- (Excellent) B++, B+ (Good)
Vulnerable
B, B- (Fair) C++, C+ (Marginal) C, C- (Weak) D (Poor) E (Under Regulatory Supervision) F (In Liquidation) S (Suspended)
For more information about ratings and the importance of an insurers financial security, see: www.lawsociety.org.uk/insuranceadvice
Version 9
11
PII advice
PII practice note outlines the regulatory requirement to obtain PII and provides an introduction to the application process and market-related issues: http://www.lawsociety.org.uk/advice/practice-notes/professional-indemnity-insurance/ Excess layer / top up cover This guide outlines what should be considered when assessing how adequate your PII arrangements are and highlights situations where it may be prudent to purchase excess layer cover above the minimum required by the SRA. http://www.lawsociety.org.uk/advice/articles/pii-excess-layer/ Setting up practice regulatory requirements a guide on the different types of legal practice (from sole practitioner to an alternative business structure) and PII tips for new firms: http://www.lawsociety.org.uk/advice/practice-notes/setting-up-a-practice-regulatoryrequirements/ Retirement calculator a tool to assist solicitors to work out an indicative figure that should be saved each year as part of their retirement planning to prepare for the likely cost of run-off cover under the mandatory PII policy. http://www.lawsociety.org.uk/advice/articles/pii-retirement-calculator/ PII Buyers Guide a useful guide that explains the different types of intermediaries in the market and has tips to help solicitors get the most out of their relationship with brokers. http://www.lawsociety.org.uk/advice/documents/pii-buyers--guide/ Transparency campaign The Society encourages all solicitors to ask their broker what they are receiving in commission this renewal. This disclosure can be used as part of a conversation starter about what level and type of service brokers are providing. http://www.lawsociety.org.uk/representation/articles/broker-transparency-campaign/ Insurers Guide a non-exhaustive list of those insurers who are participating in the market each year. It sets out the segments of the market they are prepared to write and how solicitors can access them (i.e. directly or via a broker). http://www.lawsociety.org.uk/advice/documents/pii-insurers--guide/
Version 9
12
Insurance matters
A free magazine with latest market intelligence www.lawsociety.org.uk/insurancematters
Annual survey
See how your firms experience measures up with the market trends. http://www.lawsociety.org.uk/advice/regulation/pii/surveys/
Latest news
www.lawsociety.org.uk/professionalindemnity
Other organisations
You can obtain further information relating to brokers and PII in general from the following websites:
Association of British Insurers www.abi.org.uk British Insurance Brokers Association www.biba.org.uk Financial Ombudsman Service www.financial-ombudsman.org.uk Financial Conduct Authority www.fca.org.uk Solicitors Regulation Authority www.sra.org.uk
Version 9
13